The formulas used in the calculations are:
Labor Force=Employed+Unemployed
Unemployment Rate=(UnemployedLabor Force)×100
Labor Force Participation Rate=(Labor ForceAdult Population)×100
This calculator computes the unemployment rate and labor force participation rate based on the input values of the number of people employed, number of people unemployed, and adult population.
Let's assume the following:
Calculate the labor force:
Labor Force=5,500,000+750,000=6,250,000
Calculate the unemployment rate:
Unemployment Rate=(750,0006,250,000)×100=12%
Calculate the labor force participation rate:
Labor Force Participation Rate=(6,250,0007,250,000)×100=86.2%